Monthly Insights - April

Major economies are showing signs of slowdown but economic data from the first quarter of 2023 seems to have allayed any imminent fear of a substantial collapse in economic activity. At the same time, however, inflation remains the salient concern for central banks and the hiking cycle hasn’t come to a close yet.

Several OPEC+ nations cut oil production targets at the start of April in an effort to prevent a disorderly sell-off in prices. Headline GDP forecasts for the UAE and Saudi Arabia have been revised lower on the back of lower oil production levels though the non-oil sectors continue to show robust performance.

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